Wynn Las Vegas is suing a Canadian businessman for $100,000. Paul Se Hui Oei, the high-profile businessman residing in British Columbia, Canada, already faces large lawsuits in his province. Wynn won a court case this year against Paul Se Hui Oei in Nevada to pay back a loan and interest of 18 per cent per year until the loan is paid. The loan and growing interest payments total nearly $100,000. When asked about Wynn’s lawsuit, Oei said that he had no lawyer and was self-represented. Oei was accused of biking investors out of millions in an immigration-investment scam. Investigation reveals that some of the money went into Oei’s bank accounts.
Oei fight B.C Securities Commission over Cascade Scam
The Vancouver-area based businessman and three of his companies were asked to return over $8.6 million to the provincial securities regulator in the summer of last year. It is worth mentioning that Oei used some of the money from immigrant investors for donations to political parties, advertising, and to fund beauty pageants.
“The respondents misappropriated these funds and used them for their purposes and not as the investors were told they would be used,” a BCSC panel stated last year.
Oei collected a lot of money by convincing Chinese citizen to invest in two eco-friendly startups he was launching, Cascade Renewable Carbon Corp. and Cascade Renewable Organic Fertilizer Corp.
Oei up to no good in Nevada
Wynn Resorts is going after Oei as he failed to pay on a loan. Wynn Las Vegas filed for relief in Nevada las summer to force repayment of the loan to the point that the casino’s managment are chasing their money all a Canadian court. Oei admitted to using the loan he got from Wynn to cover lawyer fees as he fought the BCSCS allegations. According to CalvinAyre.com,
“There isn’t any information regarding why Wynn gave the loan in the first place. However, since Oei hasn’t made good on his debt, the casino company is looking to get the courts to help it recover the funds. It wants the B.C. Supreme Court to apply the Nevada-based judgment in B.C. and, then, help the company recover its losses, which add up to about $76,000 in principle and interest.”